Recently, on-chain data shows that the number of addresses holding over 100 coins ($BTC ) has surpassed 2850, setting a new high in nearly two years. This indicates that many large whales are quietly entering the market, and funds are continuously concentrating.

According to data from Glassnode and Chainalysis, large holders are continuously increasing their holdings, especially during price fluctuations, which shows that they are relatively optimistic about the future market.

Looking at the macro environment, the expectation of interest rate cuts by the Federal Reserve in September is becoming increasingly apparent, and the funding environment is expected to loosen considerably. The release of liquidity is extremely beneficial for Bitcoin. Historical experience also tells us that interest rate cut cycles often catalyze Bitcoin to reach new phase highs.

Therefore, in summary, Bitcoin is likely to break through the previous bull market high of $123,000 and set a new historical record.